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DERIVATIVES (Tables) | 9 Months Ended
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Mar. 31, 2020
Notional Amounts of Outstanding Derivative Instruments Measured in U.S. Dollar Equivalents | The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents:
(In millions) |  | March 31, 2020 |  |  | June 30, 2019 |
Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts purchased |  | $ | 635 |  |  | $ | 0 |
Foreign exchange contracts sold |  |  | 7,049 |  |  |  | 6,034 |
Interest rate contracts purchased |  |  | 1,280 |  |  |  | 0 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Foreign exchange contracts purchased |  |  | 11,044 |  |  |  | 14,889 |
Foreign exchange contracts sold |  |  | 10,970 |  |  |  | 15,614 |
Other contracts purchased |  |  | 1,694 |  |  |  | 2,007 |
Other contracts sold |  |  | 567 |  |  |  | 456 |
Fair Values of Derivative Instruments | The following table presents our derivative instruments:
|  | Derivative |  |  |  | Derivative |  |  | Derivative |  |  | Derivative |
(In millions) |  | Assets |  |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
|  | March 31, 2020 |  |  | June 30, 2019 |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 9 |  |  | $ | (141 | ) |  | $ | 0 |  |  | $ | (93 | )
Interest rate contracts |  |  | 80 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 301 |  |  |  | (356 | ) |  |  | 204 |  |  |  | (172 | )
Other contracts |  |  | 22 |  |  |  | (156 | ) |  |  | 46 |  |  |  | (7 | )
Gross amounts of derivatives |  |  | 412 |  |  |  | (653 | ) |  |  | 250 |  |  |  | (272 | )
Gross amounts of derivatives offset in the balance sheet |  |  | (128 | ) |  |  | 134 |  |  |  | (113 | ) |  |  | 114 |
Cash collateral received |  |  | 0 |  |  |  | (46 | ) |  |  | 0 |  |  |  | (78 | )
Net amounts of derivatives |  | $ | 284 |  |  | $ | (565 | ) |  | $ | 137 |  |  | $ | (236 | )
Reported as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | (16 | ) |  | $ | 0 |  |  | $ | (13 | ) |  | $ | 0 |
Other current assets |  |  | 222 |  |  |  | 0 |  |  |  | 146 |  |  |  | 0 |
Other long-term assets |  |  | 78 |  |  |  | 0 |  |  |  | 4 |  |  |  | 0 |
Other current liabilities |  |  | 0 |  |  |  | (393 | ) |  |  | 0 |  |  |  | (221 | )
Other long-term liabilities |  |  | 0 |  |  |  | (172 | ) |  |  | 0 |  |  |  | (15 | )
Total |  | $ | 284 |  |  | $ | (565 | ) |  | $ | 137 |  |  | $ | (236 | )
The following table presents the fair value of our derivatives instruments on a gross basis:
(In millions) |  | Level 1 |  |  |  | Level 2 |  |  | Level 3 |  |  | Total |
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 8 |  |  | $ | 403 |  |  | $ | 1 |  |  | $ | 412 |
Derivative liabilities |  |  | (3 | ) |  |  | (650 | ) |  |  | 0 |  |  |  | (653 | )
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  | 0 |  |  |  | 247 |  |  |  | 3 |  |  |  | 250 |
Derivative liabilities |  |  | 0 |  |  |  | (272 | ) |  |  | 0 |  |  |  | (272 | )
Gains (Losses) on Derivative Instruments | Gains (losses) on derivative instruments recognized in our consolidated income statements were as follows:
|  | Three Months Ended March 31, |  |  | Nine Months Ended March 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
(In millions) |  | Revenue |  |  | Other Income (Expense), Net |  |  | Revenue |  |  | Other Income (Expense), Net |  |  | Revenue |  |  | Other Income (Expense), Net |  |  | Revenue |  |  | Other Income (Expense), Net |
Designated as Fair Value Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | 0 |  |  | $ | (23 | ) |  | $ | 0 |  |  | $ | 81 |  |  | $ | 0 |  |  | $ | 30 |  |  | $ | 0 |  |  | $ | 19 |
Hedged items |  |  | 0 |  |  |  | 32 |  |  |  | 0 |  |  |  | (81 | ) |  |  | 0 |  |  |  | (27 | ) |  |  | 0 |  |  |  | (19 | )
Excluded from effectiveness assessment |  |  | 0 |  |  |  | 35 |  |  |  | 0 |  |  |  | 48 |  |  |  | 0 |  |  |  | 118 |  |  |  | 0 |  |  |  | 121 |
Interest rate contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | 0 |  |  |  | 91 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 78 |  |  |  | 0 |  |  |  | 0 |
Hedged items |  |  | 0 |  |  |  | (92 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (80 | ) |  |  | 0 |  |  |  | 0 |
Designated as Cash Flow Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount reclassified from accumulated other comprehensive income |  |  | 0 |  |  |  | (12 | ) |  |  | 66 |  |  |  | 0 |  |  |  | 0 |  |  |  | (9 | ) |  |  | 246 |  |  |  | 0 |
Excluded from effectiveness assessment |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (21 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (62 | )
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  | 0 |  |  |  | (98 | ) |  |  | 0 |  |  |  | (87 | ) |  |  | 0 |  |  |  | (217 | ) |  |  | 0 |  |  |  | (196 | )
Other contracts |  |  | 0 |  |  |  | 16 |  |  |  | 0 |  |  |  | 22 |  |  |  | 0 |  |  |  | 18 |  |  |  | 0 |  |  |  | 27 |
Cash Flow Hedges | Other Comprehensive Income |
Gains (Losses) on Derivative Instruments | Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows:
(In millions) |  | Three Months Ended March 31, |  |  | Nine Months Ended March 31, |
|  |  | 2020 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2019 |
Designated as Cash Flow Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in effectiveness assessment |  | $ | (46 | ) |  | $ | 31 |  |  | $ | (50 | ) |  | $ | 145 |

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